A new family of ruthenium complexes based on the N-pentadentate ligand Py₂^Metacn (N-methyl-N′,N′′-bis(2-picolyl)-1,4,7-triazacyclononane) has been synthesised and its catalytic activity has been studied in the water-oxidation (WO) reaction. We have used chemical oxidants (ceric ammonium nitrate and NaIO₄) to generate the WO intermediates [Ru^II(OH₂)(Py₂^Metacn)]²⁺, [Ru^III(OH₂)(Py₂^Metacn)]³⁺, [Ru^III(OH)(Py₂^Metacn)]²⁺ and [Ru^IV(O)(Py₂^Metacn)]²⁺, which have been characterised spectroscopically. Their relative redox and pH stability in water has been studied by using UV/Vis and NMR spectroscopies, HRMS and spectroelectrochemistry. [Ru^IV(O)(Py₂^Metacn)]²⁺has a long half-life (>48 h) in water. The catalytic cycle of WO has been elucidated by using kinetic, spectroscopic, ¹⁸O-labelling and theoretical studies, and the conclusion is that the rate-determining step is a single-site water nucleophilic attack on a metal-oxo species. Moreover, [Ru^IV(O)(Py₂^Metacn)]²⁺ is proposed to be the resting state under catalytic conditions. By monitoring Ce^IV consumption, we found that the O₂ evolution rate is redox-controlled and independent of the initial concentration of Ce^IV. Based on these facts, we propose herein that [Ru^IV(O)(Py₂^Metacn)]²⁺ is oxidised to [Ru^V(O)(Py₂^Metacn)]²⁺ prior to attack by a water molecule to give [Ru^III(OOH)(Py₂^Metacn)]²⁺. Finally, it is shown that the difference in WO reactivity between the homologous iron and ruthenium [M(OH₂)(Py₂^Metacn)]²⁺ (M=Ru, Fe) complexes is due to the difference in the redox stability of the key M^V(O) intermediate. These results contribute to a better understanding of the WO mechanism and the differences between iron and ruthenium complexes in WO reactions.